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Sebi notifies rules to levy fee on participatory notes

The Securities and Exchange Board of India (Sebi) has notified stricter participatory notes (P-notes) norms stipulating a fee of $ 1,000 that will belevie done each instrument to check any misuse for channelising black money.

The new measures, which follow as lew of other steps taken by Sebi in the recent past, come at a time when the value of foreign investments through P- notes or off shore derivative instruments (ODIs) has surged to a seven month high of about Rs 1.81 lakh crore at May end. While such investments used to account for more than half of the overall oreign portfolio investments at one point, their share has now fallen to just a little over 6 percent.

Still, concerns remain that P-notes are misused by some to channelise black money from abroad in to the country through the stock markets.

The Business Standard, New Delhi, 25th July 2017

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